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Questions and Answers
What does the concept of demand in economics imply?
What does the concept of demand in economics imply?
- Desire, ability to purchase, and willingness to buy (correct)
- Desire and ability to purchase
- Willingness to buy and ability to purchase
- Desire and willingness to buy
When does desire for a commodity constitute demand for it?
When does desire for a commodity constitute demand for it?
- When backed by purchasing power and willingness to purchase (correct)
- When the person desires the commodity for a specific period of time
- When the person really wants the commodity
- When the person has the ability to purchase the commodity
What is the influence of demand for a good in general?
What is the influence of demand for a good in general?
- Influenced by the market price
- Influenced only by willingness to purchase
- Influenced by several factors (correct)
- Influenced by desire and purchasing power
What does demand for a commodity represent?
What does demand for a commodity represent?
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What is not considered as demand in economics?
What is not considered as demand in economics?
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